By having an inventory software does not mean that your business will automatically improve its inventory management processes. Here are some problems that businesses face when dealing with inventory management software and how we at Edgeworks Solutions solve them.
Problem no.1 – Not planning your product Stock Keeping Unit (SKU) properly
The number one problem that customers face is the lack of knowledge of planning their product SKU numbers because they do not understand the importance of having one. By not planning ahead and listing your products properly with an SKU, there is an increased likelihood of:
Having either not enough serial numbers for a certain product range leading to different numbers for the same product
Confusion amongst different products with similar SKUs.
Problem no.2 – Not having a barcode software
Having a barcode software is a must when it comes to inventory software as it not only saves time but also manpower. It allows for easy tracking and access to real time data on the inventory management system information about the stock.
Problem no.3 – Not setting a low stock quantity reminder
Not having stock when your customer needs is one of the last problems you want to have as a business owner. Yet this is something that happens very often when a low stock quantity reminder is not set especially once business is in full operation.
With our inventory management software we can set reminders for individual items, allowing staff and managers to react to low stock for certain items and order them in time.
Problem no.4 – Not using reports to help you make important decisions
Reports is a very important thing when it comes to inventory management and stock control. Reports allow you to have a bird’s eye view of your business from the back-end perspective and this allows you to make quick decisions like planning stock ordering schedules, planning delivery schedules to your outlets, negotiating prices with your suppliers or adjusting selling prices of your products to make up for sudden changes in the economy or business environment to stay ahead of your competitors.
So having an inventory system or an inventory management software is just the first step to helping you organize and increase efficiency in your business. Learning how to use it and making sure the software has the right features to help your business is also key.
Our E-quip Inventory System is based off feedback from our clients and developed in such a way to improve efficiency and minimize stock errors so that you can spend more time elsewhere, like increasing sales!